Lancashire still under pressure

LANCASHIRE Holdings posted a 67 per cent decline in third-quarter profit as the property and casualty insurer recorded lower investment returns and took hefty losses from recent storms and floods.

The London listed insurer, which writes policies for heavy-duty assets such as oil rigs, ships and aircraft, said pricing remained under pressure. Pre-tax profit fell to $25.7m (£15.9m) in the quarter from $78m a year ago.